0 August 2016 Greater Boston Real Estate Market Trends Report

Here’s August 2016’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


August 2016 Greater Boston Real Estate Market Trends

Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership.

  • August single-family home sales DOWN -0.4% over last year
  • August single-family median prices were UP +8.7% ($575,000)
  • August condo sales DOWN -4.1% and median prices UP +9.4% ($499,000)
  • Inventory in August DOWN -28.1% to 2,585 and Condominiums DOWN -24.9% to 1,360
  • SF listings added to the market in August DOWN -9.2% over last year. (1,208 from 1,331 in 2015)
  • Condo listings added to the market UP +2.0% over last year. (955 from 936 in 2015)

Interested In Specific Neighborhood / Area Real Estate Market Trend Data?

 

August 2016 Greater Boston Real Estate Market Trends

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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0 Hooper Mansion: Condos In Renovated Historic Home Redefine Luxury

Hooper Mansion

Photo: Pioneer Realty

I had the pleasure of previewing the recently gut renovated, historic Hooper Mansion … and WOW! This three exposure building located on Beacon Street accommodates three parlor and garden level duplexes, two floor through condominiums, and a penthouse duplex that is sure to impress even the most modern critic. Residence will truly get to live the life of luxury in this Chateauesque style, concierge building.

Everything from the construction, floor plan, interior finishings, top of the line appliances and of course the incredible views of both the Charles River and Boston skyline are unbeatable. Each unit has an open feel. The tall ceilings and spacious rooms provide grand living spaces that let in gorgeous sunlight. (Let me not forget to mention there are 70 windows throughout the building!) Direct elevator access, outdoor terrace space, and ample parking make city living in this Back Bay mansion that much more desirable.

Of the six units, three are under agreement, meaning three are available for the taking! I would be happy to assist as your buyer agent and set up a viewing appointment with listing broker and good friend Chris Tuite of Pioneer Realty. Schedule viewing or feel free to call 617-833-3376

Hooper Mansion Available Units For Sale:

  • Unit 2 – 2 bed 2 full and Half Bath total area 2,685
  • Unit 3 – 2 bed 2 full and half bath total 2,351 + 450 SF Private Patio
  • Unit 4 – 4 bed 4 full and half bath total area 4,069

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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This Week’s Metro Boston Open House Schedule

Where Around Boston Do You Want To Attend Open Houses?

Be sure to check back often as this page is updated hourly. And when you’re on the go, navigate over to unitboston.com on your mobile device to find open houses close to wherever you are using our Mobile “Near Me” Search feature with advanced options turned on.

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GREATER BOSTON: SELECT CITIES

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Mobile 'Near Me' Boston Open House Schedule App Demo Video

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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Boston Home Values: DEFINITELY NOT in Bubble Range!!

There are some industry pundits claiming that Boston area residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of median Boston, Cambridge and Newton, MA single-family home prices from 1999 to today.

Boston Home Values

The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2005 levels again, it “seems logical” that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing slowdown).

What If The Bubble + Slowdown Didn’t Occur?

Let’s assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic appreciation from 1999 to today. According to the 100+ experts that are surveyed for the Home Price Expectation Survey, normal annual appreciation for residential single family homes from 1987 to 1999 was 3.6%. Starting with the median home price in 1999, we added 3.6% to it each year since then. Here is that graph intermixed with the above graph.

Boston Home Values With Historic Appreciation

What this shows us is that, had the bubble and slowdown not occurred and instead we just had normal annual appreciation over this period, prices would actually be greater than they are today.

The Bottom Line

There is no reason for alarm as prices seem to be right in line with where they should be. Many thanks to our friends at KCM Blog for pointing the national trend which I’ve tailored to the Boston real estate market in this post.

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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